KGL Resources Reports 26.4% Increase in Mineral Resources at Jervois Copper Project

Mineral Resource Growth and Enhanced Economics
KGL Resources has announced a significant 26.4% increase in underground mineral resources at its Jervois copper project, located in the Northern Territory of Australia. This growth, achieved through the completion of the 2024 underground drilling programme, has resulted in an additional 4.1 million tonnes (Mt) of resources. This expanded resource base enhances the overall economic prospects of the project, extending its mine life and solidifying its potential for long-term production.

The updated mineral resource estimate (MRE) for Jervois has increased from 23.37Mt to 27.45Mt, marking a 17.4% increase over the May 2024 estimate. Despite a slight decrease in copper grade from 2.02% to 1.87%, the total contained copper has increased by 42.7kt, bringing the overall contained copper to 513,000 tonnes. Additionally, contained silver has grown by 2.8Moz, and contained gold has increased by 22.4koz, showing significant increases of 14.7% and 11.3%, respectively.

Successful Drilling and Future Exploration Plans
The 2024 drilling programme was completed ahead of schedule, with 75 drill holes totaling 23,037 meters. This successful exploration effort has contributed significantly to the increase in resources at Jervois. KGL Resources plans to continue exploration throughout the remainder of 2024, targeting near-surface resources, with results expected in early 2025. The company is also conducting a comprehensive review of the Jervois mineral system to refine exploration strategies for the upcoming year.

Feasibility Study and Project Progress
In addition to the resource expansion, KGL Resources is progressing with an updated feasibility study for the Jervois project. This includes key reviews of open-cut and underground mine designs, scheduling, and civil works by Tier 1 contractors. The company plans to conduct an independent technical expert review (ITE) before finalizing the feasibility study. These updates will support the ongoing development of the project and ensure it meets projected timelines and cost targets.

CEO’s Remarks on Exploration Success
KGL Resources CEO, Philip Condon, praised the successful 2024 exploration programme, noting that the addition of 4.1Mt to the underground resource and the increase in contained copper to over 500,000 tonnes represents a major milestone for the project. Condon emphasized that this achievement underscores the company’s commitment to advancing the Jervois copper project, a critical asset in Australia’s mining landscape.

Project Background
Acquired by KGL Resources in 2011, the Jervois copper project has seen significant progress over the years. The project received environmental approval in October 2019 and mining management plan approval in January 2021, setting the stage for the next phase of development. With the recent resource upgrade, the project is positioned for continued growth and success.